Govt releases drafts of revised model GST, IGST and GST compenstion laws
Posted Date : 26-Nov-2016 , 04:54:34 pm | Posted By CASANSAAR
Government has released the Revised Draft Model GST Law, Draft IGST Law, and Draft GST compensation law in public domain.
In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalised....
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GST |
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Unaccounted deposits to attract 50% tax, 4 yr lock-in period
Posted Date : 25-Nov-2016 , 10:02:58 pm | Posted By CASANSAAR
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
However, a higher...
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Income Tax |
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Deposits in Jan Dhan accounts rise to Rs 64,250 Cr
Posted Date : 25-Nov-2016 , 09:57:27 pm | Posted By CASANSAAR
Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore, with Uttar Pradesh leading the chart with Rs 10,670.62 crore deposits followed by West Bengal and Rajasthan, the government said today.
The Centre also stressed that no public sector banks had given any instructions to thei...
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Accounts |
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SC to hear petitions challenging demonetisation on Dec 2
Posted Date : 25-Nov-2016 , 05:16:51 pm | Posted By CASANSAAR
The Supreme Court today fixed on December 2 the hearing on a batch of petitions challenging the constitutional validity of the decision to demonetise currency notes of Rs 1,000 and Rs 500 and the inconvenience faced by the common man due to it.
A bench comprising Chief Justice T S Thakur and Just...
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Banking |
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Exchange of old Rs 500/1,000 notes to continue at RBI counters
Posted Date : 25-Nov-2016 , 05:15:52 pm | Posted By CASANSAAR
Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks.
The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings ...
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Banking |
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PIL filed in HC seeking to declare demonetisation notification
Posted Date : 25-Nov-2016 , 01:22:15 pm | Posted By CASANSAAR
The Madras High Court posted a PIL, seeking a direction to the Union Government to declare as illegal the notification issued on demonetisation, for further hearing to December 15.
When the PIL filed by Suchitra Vijayan, a Barrister-at-Law, came up, the first bench, comprising Chief Justice Sanja...
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Banking |
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Unaccounted bank deposits to attract 60% income tax
Posted Date : 25-Nov-2016 , 09:00:32 am | Posted By CASANSAAR
The Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, said sources.
The decision was purportedly prompted by a surge in deposits — about ~20,000 crore, according to some repo...
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Income Tax |
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ICAI recommends Joint Audits for large companies
Posted Date : 25-Nov-2016 , 08:42:02 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India is in favour of ushering in a system of “joint audits”, but only for large companies.
This position of the ICAI — which is the regulator for auditors — has been conveyed to the government-appointed expert group headed by form...
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ICAI |
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Nepal bans new Indian currency notes of Rs 500 and Rs 2000
Posted Date : 25-Nov-2016 , 08:36:50 am | Posted By CASANSAAR
The Rs. 2,000 and the new Rs. 500 notes will be legal in Nepal only when India issues a notification under its Foreign Exchange Management Act.
Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs. 500 and Rs. 2,000 denomination, terming them “unauthorised ...
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International Business |
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Cabinet clears amendments to Income Tax Act to tax deposits post Nov. 8
Posted Date : 24-Nov-2016 , 10:33:50 pm | Posted By CASANSAAR
Cabinet has cleared amendments in Income Tax Act, which would allow the government to tax deposits made in banks after Nov 8. Since the amount of deposits soared up after Rs 500 and Rs 1000 lost their legal tender on November 8 midnight, taxing the deposited amount would increase the revenue collect...
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Income Tax |
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Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR
The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes.
Government also extended the suspension of toll collection on all national highways till Decemb...
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Banking |
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CA, CS, CMA and Advocates can serve as insolvency Professionals
Posted Date : 24-Nov-2016 , 08:30:57 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into effect from 29th November, 2016.
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CA |
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Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.
Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...
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Banking |
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SEBI eases start-up fund rules
Posted Date : 24-Nov-2016 , 08:08:23 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) today paved the way for angel funds to invest more in start-ups besides allowing foreign portfolio investors (FPIs) to invest in unlisted debt securities.
The market regulator has also barred private equity funds and promoters of listed firms from...
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SEBI |
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Old Rs 500/1000 notes can be deposited in Post Office A/cs
Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR
People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday.
The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes.
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Banking |
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GST Council meeting rescheduled for December 2-3
Posted Date : 23-Nov-2016 , 10:14:55 pm | Posted By CASANSAAR
The GST Council meeting, which would discuss the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states -- has been rescheduled for December 2-3, an official said.
The meet was earlier scheduled to be held on November 25.
"The states desi...
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GST |
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Banks integrating systems with RBI, GST Network to collect tax - FM
Posted Date : 23-Nov-2016 , 08:44:52 am | Posted By CASANSAAR
Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday.
Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goo...
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GST |
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Service tax waived for online train ticket booking till Dec 31
Posted Date : 23-Nov-2016 , 08:41:51 am | Posted By CASANSAAR
Train tickets booked through the IRCTC website will become cheaper from tomorrow till the end of the year as the government has waived service tax to encourage cashless transactions in the wake of the demonetisation exercise.
Service tax will not be levied on tickets booked through the IRCTC webs...
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Service Tax |
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RBI eases norms for wedding cash withdrawals
Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21.
The government has put a c...
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RBI |
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Small merchants can transfer up to Rs 50K via e- transactions till Dec 30 - RBI
Posted Date : 22-Nov-2016 , 10:34:36 pm | Posted By CASANSAAR
Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts. The balance in these instruments is limited to Rs 20,000.
The above measures will be effective from November 21 to December 30, 2016, subject to review, the central bank ...
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RBI |
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Govt exemts parking fee at airports till Nov 28
Posted Date : 22-Nov-2016 , 10:27:24 pm | Posted By CASANSAAR
As people continue to face cash crunch after the scrapping of high value notes, the government has decided not to levy parking fee at airports for another week, till midnight of November 28.
The waiver, which was initially for a week starting from midnight of November 14, had ended yesterday.
...
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General |
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Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR
The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy.
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Banking |
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RBI gives borrowers extra 60 days to repay home, car loans up to Rs 1 Cr
Posted Date : 22-Nov-2016 , 08:25:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed both individuals and companies with loans up to Rs 1 crore an additional grace period of 60 days to repay their loans in the wake of the demonetization.
This is applicable for ongoing loans where the dues are payable between November 1 and December 31, ...
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RBI |
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Banks get about Rs 5.44 L cr worth of scrapped notes
Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR
People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency.
The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...
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Banking |
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RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings
Posted Date : 22-Nov-2016 , 08:13:59 am | Posted By CASANSAAR
Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses.
Four days after the government announced special dispe...
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RBI |
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Centre-State stalemate over GST jurisdiction continues
Posted Date : 20-Nov-2016 , 07:21:28 pm | Posted By CASANSAAR
Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST) regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock.
Mr. Jaitley’s informal meeting with state finance ministers...
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GST |
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Income Tax Dept warns violators will face seven years in jail in case of suspect cash
Posted Date : 20-Nov-2016 , 07:15:05 pm | Posted By CASANSAAR
Warning people against depositing their unaccounted old currency in someone else’s bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years...
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Income Tax |
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RBI proposes Islamic Window in Banks
Posted Date : 20-Nov-2016 , 07:05:48 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country.
Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for l...
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RBI |
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No leakage of CA Final Direct Tax Laws paper - ICAI
Posted Date : 20-Nov-2016 , 07:00:35 pm | Posted By CASANSAAR
No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th November 2016.
Our attention has been drawn to some unfounded reports in social media on alleged leakage of question paper relating to Direct Tax Laws, Paper 7 of CA Final Examination held on 13...
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ICAI |
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0 | Hits : 1482
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Income Tax Department sends notices over Suspicious Bank deposits
Posted Date : 19-Nov-2016 , 09:33:16 pm | Posted By CASANSAAR
The Income Tax Department has issued hundreds of notices demanding to know sources of the suspiciously large sums of cash deposited in banks, as the central government tries to tie the loose ends of their anti-black money drive more than a week after they announced they were doing away with old high...
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Income Tax |
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